hares within the Hipgnosis Songs Fund plunged this morning after the music rights investor withdrew its dividend as a result of it now expects a windfall from a US choice on streaming royalties to be a lot decrease than beforehand thought.
The fund had anticipated royalties of $21.7 million (£17.8 million) from a ruling by the US Copyright Royalties Board, a set of three judges which makes selections on royalty funds. The choice would pressure services like Spotify to extend the quantity they pay to artists or rights-holders for music streamed between 2018 and 2022 from the present rate of 10.5% to fifteen.1%. Hipgnosis owns lots of the most-streamed songs over this era, together with hits by artists comparable to Shakira, Ed Sheeran and Coldplay.
